Louisiana-based Maritime Partners, LLC is celebrating the closing of a $750m, “first-of-its-kind”, as it claims, warehouse facility which will be collateralized by three wholly owned business lines within one of its managed funds with a syndicate of lenders led by ATLAS SP Partners.
The initial portfolio includes Jones Act tankers, U.S. flagged tankers and other vessels for use in coastal and international trade, and in the future will include an additional fleet of barges, as well as new-build vessels that are or will be operating in inland marine and coastwise trade.
Maritime Partners expects to use the proceeds of this warehouse facility for future acquisitions, as well as refinancings and other general corporate purposes.
“This deal significantly increases our borrowing capacity and demonstrates our best-in-class access to capital with our long-time partners, ATLAS and Deutsche Bank, along with our new lender, Goldman Sachs,” said Bick Brooks, co-founder and CEO of Maritime Partners.
“Maritime Partners’ new $750-million warehouse line of credit is an important step in the continued growth of our platform,” Brooks added.
Maritime Partners, LLC is a provider of maritime financing solutions, specializing in vessels that are used in the domestic Jones Act trade.
It has a managed fleet of approximately 1,850 vessels in service.
